Question
You are provided with the following information for Concord Inc. Concord Inc. uses the periodic method of accounting for its inventory transactions. March1Beginning inventory 2,200
You are provided with the following information for Concord Inc. Concord Inc. uses the periodic method of accounting for its inventory transactions.
March1Beginning inventory 2,200 liters at a cost of 80 per liter.March3Purchased 2,500 liters at a cost of 84 per liter.March5Sold 2,300 liters for $1.05 per liter.March10Purchased 4,000 liters at a cost of 91 per liter.March20Purchased 2,300 liters at a cost of 99 per liter.March30Sold 5,000 liters for $1.25 per liter.
(1)Specific identification method assuming:(i)The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,300 liters from the March 3 purchase; and(ii)The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 450 liters from March 1; 550 liters from March 3; 2,900 liters from March 10; 1,100 liters from March 20.(2)FIFO(3)LIFO
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